Ammon News - Pay growth in the UK slowed more than expected in November, in a sign that inflationary pressures have weakened more than the Bank of England was expecting when it issued its latest forecasts.

Average pay growth was 6.5% in November, down from 7.2% in the previous month, according to the Office for National Statistics, as the UK jobs market weakened in response to high interest rates and stagnation across much of the economy. Economists polled by Reuters had expected total average earnings of 6.8% in November.

Job vacancies tumbled at the fastest rate on record in December, the ONS said, in a further sign the UK labour market was now cooling.

The ONS said despite the drop in wages growth, recent falls in inflation meant real wages grew for the fifth month in a row, easing the pressure on household disposable incomes.

It added that overall, the jobs market remained stable with employment down only marginally and the unemployment rate unchanged at 4.2%.


The Guardian